Virtual payment solutions are an emerging trend in the B2B space. There’s continuing pressure on procurement and accounts payable to improve processes and “do more with less”. Virtual payments provide an avenue to not only help accounts payable streamline processes, but also generate cash rebates simply from paying everyday bills.
A virtual payment program enables a company to pay invoices via a ‘virtual’ credit card. Doing so has a variety of benefits:
Greater control over payments by establishing exact transaction amounts and controls over expiration dates
Automation of payment processing though electronic file request and delivery of card numbers and remittance information
Simplification of reconciliations through enhanced payment transaction detail
Alignment with existing processes in the accounts payable department
Cash rebates on amounts paid through virtual payments
If you are considering a virtual payment program, or just want to learn more, here is a great video on the topic.
And if you are interested in exploring exactly how virtual payments can benefit your organization, email me at email@example.com. Our team is currently working on some very exciting projects around virtual payments – I’d love to share what we are learning.